CEZ's exports have significantly declined so far in 2004 compared to last year due to new export barriers in Austria and Germany, the MFDnes daily reports. Should the trend continue, CEZ's exports could reportedly decline by up to 30% y-o-y this year from 19 TWh in 2003, the newspaper speculates. The decline is expected: note that the company has already indicated it expects a 20% decline in exports this year. Neutral at the moment.
Separately, Severomoravska energetika, CEZ's 59%-owned regional electricity distributor, posted a FY 2003 CAS net profit of CZK 691m, down 14% y-o-y, compared to our estimate of CZK 809m.
Jan Hajek, Patria Finance